You can view this video right here by getting the latest version of Flash Player!

DOWNLOADS: 25

PLAYS: 8

(In case you were getting all dewey-eyed for the 70s)

Before George P. Schultz landed in the Reagan Administration as Secretary of State, he served for a while as Treasury Secretary under Richard Nixon, right during the fabled Energy Crisis of the 1970s.

Granted, we hadn't gone through this kind of thing before. It was 1973 and we were about to be distracted in a big way by Watergate, but the thought of skyrocketing gas prices, panic buying at the pumps and oil companies raking in massive profits just hadn't happened this way before or to this extent.

And so everyone, including Schultz was busy scratching their heads wondering what to do as is evidence by this exchange during his appearance on Meet The Press from December 2, 1973.

Irving R. Levine (NBC News): “Would not higher prices for gasoline favor higher income groups to the disadvantage of lower paid people?”

Schultz: “Not necessarily. The . . obviously you have a family budget with so much purchase of gasoline and fuel oil, and to the extent that lower income groups use proportionate to their income a little bit more than higher income groups, it has some of that effect. But I don’t think it’s a major problem in the family budget.”

Levine: “ But would not a lower . . .

Schultz: “It’s much more of a problem than if we don’t pay the price that is necessary and we don’t have any fuel.”

Levine: “But would not a person with a big income feel free to buy whatever amount of gas is necessary to do the driving that he wishes to do, where a lower income person would not be able to?”

Schultz: “That is true of all kinds of things that are reflected in the buying power of people at different incomes.”

Levine: “ Do You oppose rationing entirely, even as a last resort?

Schultz: “Well I said it should be the absolute last resort, and I’m not really sure that it is a genuine alternative in the sense of being really a workable type of system. Of course there are various kinds of rationing, and depending on how its designed it could work better or worse. I think it is worth remembering that toward the end of World War Two we had patriotic fervor and so on, we had six thousand people in OPA, enforcing . .getting after people in the black market, which I think gives you an idea the difficulties of a rationing system.”

Okay, no simple answer. But the disconnect associated with "well, only higher income people drive" strikes me as typical Republican response. Even during the course of the interview, Schultz offers a few snide asides about higher and lower economic brackets. And of course, he was very much in favor of letting the marketplace go insane.

Remember the definition of insanity - doing the same thing over and over expecting different results - or as a friend put it, doing the same thing over and over and knowing what the results are going to be.

 Since he's trying to exploit the anger Americans are feeling at the pump by basing his entire domestic platform on an "all of the above" energy policy, don't you think John McCain would be wise to actually show up and vote on crucial renewable energy legislation? Well, according to Tom Friedman, John McCain is a big fat hypocrite after missing eight important Senate votes.

NYT:

John McCain recently tried to underscore his seriousness about pushing through a new energy policy, with a strong focus on more drilling for oil, by telling a motorcycle convention that Congress needed to come back from vacation immediately and do something about America’s energy crisis. “Tell them to come back and get to work!” McCain bellowed.

Sorry, but I can’t let that one go by. McCain knows why.

It was only five days earlier, on July 30, that the Senate was voting for the eighth time in the past year on a broad, vitally important bill — S. 3335 — that would have extended the investment tax credits for installing solar energy and the production tax credits for building wind turbines and other energy-efficiency systems.

Both the wind and solar industries depend on these credits — which expire in December — to scale their businesses and become competitive with coal, oil and natural gas. Unlike offshore drilling, these credits could have an immediate impact on America’s energy profile.

Senator McCain did not show up for the crucial vote on July 30, and the renewable energy bill was defeated for the eighth time. In fact, John McCain has a perfect record on this renewable energy legislation. He has missed all eight votes over the last year — which effectively counts as a no vote each time. Once, he was even in the Senate and wouldn’t leave his office to vote.

This is precisely the reason we are so addicted to fossil fuels. Renewable energy will never become financially competitive with oil and gas until the feds invest in it and incentivize its progression. I hope every Obama energy ad from now til November notes that while he may be talking a good game about supporting alternative energy, Senator McCain 0-for-8 when it really counted.

Memo to John McCain: When trying to sell your energy plan (Drill! Drill! Drill!) you might not want to cite the approval of oil executives. The last thing voters want to hear is that the fatcats who have been raking in record profits at our expense are happy with your "solution" to our problems.

Download | play   Download | play  

"My friends, we have to drill off shore. We have to do it. It's out there and we can do it. And we can do that. The oil executives say within a couple of years we could be seeing results from it. So why not do it?"

Ken over at Howies place asks: "Are those his environmental experts???"

And the DNC notes that McCain's position on off-shore drilling, beyond the initial flip-flop, keeps evolving:

McCain was in New Hampshire this afternoon where he unveiled the latest excuse for coastal drilling. Oil executives tell McCain that "within a couple of years we could be seeing results from it." There's no doubt that oil companies will profit handsomely from McCain's coastal drilling plan. It's helpful that McCain would relay that to an audience of voters.

First position:  When he first announced his decision to abandon his longstanding opposition to offshore drilling, McCain said it would be helpful in the short term.

Second position:  Days later, McCain and his top economic advisor admitted it would have no immediate effect, but would have a "psychological" impact.

Third position:  Later he reversed himself once again, say drilling is part of his short term solution to energy prices.

The latest:  During today's town hall meeting in New Hampshire, McCain says "oil executives" told him we "could see results" from offshore drilling "within a couple of years."

Considering that he can't even keep his facts straight, is it any surprise that his new ad offensive has been universally panned as "false," "misleading," and "wrong?"

  Former Vice President Al Gore delivered a major speech Thursday on US energy policy in which he challenged all Americans to confront the crisis head on and wean itself off fossil fuels in the next 10 years.

Download | play   Download | play  

Longer version here.

There are times in the history of our nation when our very way of life depends upon dispelling illusions and awakening to the challenge of a present danger. In such moments, we are called upon to move quickly and boldly to shake off complacency, throw aside old habits and rise, clear-eyed and alert, to the necessity of big changes. Those who, for whatever reason, refuse to do their part must either be persuaded to join the effort or asked to step aside. This is such a moment.

"Today I challenge our nation to commit to producing 100 percent of our electricity from renewable energy and truly clean carbon-free sources within 10 years. This goal is achievable, affordable and transformative. It represents a challenge to all Americans – in every walk of life: to our political leaders, entrepreneurs, innovators, engineers, and to every citizen."

Senator Obama responds:

“For decades, Al Gore has challenged the skeptics in Washington on climate change and awakened the conscience of a nation to the urgency of this threat. I strongly agree with Vice President Gore that we cannot drill our way to energy independence, but must fast-track investments in renewable sources of energy like solar power, wind power and advanced biofuels, and those are the investments I will make as President. It’s a strategy that will create millions of new jobs that pay well and cannot be outsourced, and one that will leave our children a world that is cleaner and safer.”

Full transcript below the fold:

(h/t Bill W)

Continue reading »

In this short, two-minute clip from his press conference today on the sad state of the American economy, President Bush managed to embarrass himself (and thus the country) on at least three occasions. First he smirks and gives a smart ass answer when asked about $5 gasoline -- not very funny considering he "hadn't heard" of $4 gas back in February. Second, he repeats the McCain campaign talking point "gaffe" about our economic woes being merely "psychological." Then, finally, he tops if off with what he calls his "brilliant statement" about "magic wands."

Download | play Download | play

I think it was in the Rose Garden where I issued this brilliant statement: If I had a magic wand -- but the President doesn't have a magic wand. You just can't say, low gas. It took us a while to get here and we need to have a good strategy to get out of it.

Can this guy seriously be any more out of touch? Watching him chuckle his way through questions about how badly he has destroyed our economy as millions of Americans are losing their homes and being forced to change the way they live tells you all you need to know.

Full transcript below the fold:

Continue reading »

Today President Bush lifted the executive ban on off-shore drilling first enacted by his father is 1990, and had the audacity to blame Democrats for the high price of gas. No, I'm not kidding.

Download | play   Download | play  

Bush's cynicism on this issue is simply breath-taking. He's trying to exploit the anger Americans are feeling over the crushing price of fuel by blaming Democrats and challenging them to allow a vote on a bill that would have ZERO immediate impact on fuel costs, but would be very difficult (politically speaking) to oppose. Just like the Republicans do with every possible issue, they feed off voter resentment and play cynical politics with a very serious and complicated problem.

The fact that opening up off-shore drilling sites won't yield more resources for at least a decade doesn't matter. What matters is that Republicans can use the issue as a political bludgeon to bash Democrats with, all the while just prolonging our addiction to foreign oil. Shameful.

Nicole adds: And for all the talk that drilling would provide a psychological boost and drop prices, it's noteworthy that oil is slightly up today at more than $145/barrel. You'd think such a presidential announcement would provide a nice drop -- even if short-lived -- if there was a psychological element to this. Nope.

Senator Obama:

If offshore drilling would provide short-term relief at the pump or a long-term strategy for energy independence, it would be worthy of our consideration, regardless of the risks.  But most experts, even within the Bush Administration, concede it would do neither.  It would merely prolong the failed energy policies we have seen from Washington for thirty years. 

Check below the fold for more responses and a thorough debunking on this farce George Bush and John McCain call an energy policy. 

Continue reading »

Republican Presidential Candidate, John McCain, proposed a gas tax holiday which turned out to be a non-starter with the American people, then he flip flopped on offshore drilling, and now, with his latest proposal to help end our current energy crisis, the Arizona Senator proves why voters prefer Barack Obama over him when it comes to the economy and solving the energy crisis. 

Download | play   Download | play  

Keith Olbermann talked to Chris Hayes from The Nation on Monday's Countdown about McCain's $300 million dollar offer to anyone who can design a "Flash Gordon-y" battery, and exposes it for the joke that it really is. McCain even said he would pay the hefty sum by cutting out pork barrel projects from his budget -- which is a bit confusing as he is supposed to be the savior who will step in and put an end to all pork barrel spending.